Dechert Matches Cravath Pay Scale, Starting at $190K
After another big Philadelphia-founded firm opted against immediate associate raises, Dechert has fallen in line with the new top-of-the-market salary scale.
June 21, 2018 at 02:16 PM
3 minute read
The original version of this story was published on The Legal Intelligencer
The first day of summer brought good news for young lawyers at Dechert, which has now matched the associate salary pay scale set by Cravath, Swaine & Moore. The firm confirmed Thursday that it had adopted new salaries starting at $190,000 for associates in the class of 2017, as well as special bonuses to be paid in July. Base salaries at Dechert, effective July 1, are as follows:
- Class of 2017 — $190,000
- Class of 2016 — $200,000
- Class of 2015 — $220,000
- Class of 2014 — $255,000
- Class of 2013 — $280,000
- Class of 2012 — $305,000
- Class of 2011 — $325,000
- Class of 2010 and before — $340,000
And the midyear bonuses:
- Class of 2017 — $5,000
- Class of 2016 — $7,500
- Class of 2015 — $10,000
- Class of 2014 — $15,000
- Class of 2013 — $20,000
- Class of 2012 and before — $25,000
The Philadelphia-born firm now counts New York as its largest office. It also matched Cravath's pay scale in 2016, when associates' starting salary moved to $180,000. Morgan, Lewis & Bockius has also reportedly matched Cravath's pay scale, according to Above the Law . But another Pennsylvania-founded Am Law 50 firm chose not to follow along. Reed Smith confirmed earlier this week that it had no plans of giving associates raises, despite moves by a number of large firms to promise starting salaries of $190,000. Milbank, Tweed, Hadley & McCloy kicked off that trend earlier this month, and Cravath one-upped that payscale a few days afterward, giving larger raises to more senior associates. Simpson Thacher & Bartlett was the first to announce midyear bonuses as well, causing Cravath and others to follow suit. contacted after Milbank announced its raise
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